“Some years ago, we took away the lesson that the markets were very sensitive to news about the balance sheet, so we thought carefully about how to normalize it and thought to have it on automatic pilot, and use rates to adjust to incoming data. That has been a good decision, I think, I don't see us changing that.... we don't see balance sheet runoff as creating problems"
以上是昨晚聯儲局主席鮑威爾最令市場憂慮的一番說話，意思是未來聯儲局的縮表進程將會是自動導航（autopilot）！漁夫認為，這是一個非常危險的做法，亦大有可能是一個政策失誤，皆因主要央行大規模縮表是一個從未做過的實驗，若不作出適時調校且縮得過急，市場流動性將明顯減少，令部分企業貸款周轉出現問題，增加企業債務違約風險，最近信貸違約掉期(CDS)巿場的表現正反映這緊張情況，例如通用電氣及道指成份股IBM的CDS也在短時間內急升。
